Use ePoint Medway to cut your tax bill
Businesses, brands and retailers hit by new taxes, duties and post-Brexit bureaucracy are benefiting from ePoint’s customs warehouse status.
The promise of a tariff-free Brexit encouraged many to look forward to a seamless relationship with European trading partners. The reality has proved very different, with increased costs, complications and delays, as a result of complex country of origin rules (and resulting tariffs) as well as VAT and customs costs, when goods enter or leave the UK.
Shifting inventory to mainland Europe to avoid paying tariffs on products shipped to the UK and then on to Europe is one possible solution, but then you could have two warehouses, with additional costs and split inventory, which means that if you get your forecasts wrong, you end up with too much stock in one warehouse and not enough in the other.
At ePoint, goods imported from outside the EU can be stored without paying import duties or VAT, with these taxes only becoming due when the products leave ePoint and enter free circulation in the EU.
ePoint users have more time to pay duties, which can help with cashflow, and prevent them having to pay two sets of duty on products entering and then leaving the UK.
Customs and bonded warehouses, like ePoint, have been used to help manage cashflow for some time, but they have become much more important for businesses, brands and retailers now that the cost of exporting non-UK origin goods is substantially higher post Brexit.
Our customs experts ensure goods are correctly declared when placing them into, or removing them from ePoint and, because goods can only be handled in certain ways while in a customs warehouse, they can advise you how you can be compliant, while preserving goods, improving their presentation or marketable quality, or preparing them for distribution or resale.
If you are bringing goods into the UK and are uncertain where 100% of those good will be sold – in the UK, EU or another country – then you potentially face paying duties to import them and duties to export them. Holding inventory at ePoint is the best option to prevent having to pay double duties.
ePoint’s customs warehouse supports your cashflow, because you’re not paying the duty when the product arrives in the UK, you only pay it when the product is removed and we deal with all the customs administration, which means setting up and operating is very easy.
